Netflix (Nasdaq: NFLX) exuberance came and went. Shares are up 14 percent on the session as investors enjoy the idea of an exclusive licensing deal with Disney (NYSE: DIS), but there are a few key points to mull.

1. Terms weren't disclosed. No one is sure how much Netflix is paying for the content. The trend in the media marketplace is that the gap between streaming content and physically delivered content (i.e. - DVD, VHS) is becoming wider and wider, with streaming content prices soaring.

2. Netflix will get high-profile Disney direct-to-video new releases, which will be made available on Netflix starting in 2013. Fair enough.

3. Netflix will have to wait until 2016 before being able to cash in on Disney's theatrically released feature films, which include Disney, Walt Disney Animation Studios, Pixar Animation Studios, Marvel Studios and Disneynature. Netflix will need to last through some pretty stiff competition before really being able to cash in.

Still, the overall deal seems kosher. At least Netflix will be able to dump the awful knock-off content it was providing.